Bakken Rig Count Holds at 29 as Oil Prices Settle Below $70

North Dakota's active rig count held steady at 29 on Thursday, June 25, 2026, as crude oil prices retreated from recent highs. The stability in drilling activity points to a sustained, if cautious, level of operator investment in the Bakken formation.

West Texas Intermediate (WTI) crude was trading at $69.9 per barrel, down 63 cents on the day. The international benchmark Brent crude was at $73.47. Bakken crude was priced at a discount of $3.42 per barrel to WTI, according to live market data.

The current rig count of 29 is a key indicator of future production. Historically, the number of active drilling rigs in North Dakota has served as a leading indicator for oil output, with changes in the count typically reflecting in production figures several months later. A stable rig count suggests that operators are maintaining capital discipline but see sufficient economic incentive to continue development drilling at current price levels.

Natural gas prices were recorded at $3.31 per MMBtu.

The modest decline in oil prices, if sustained, could pressure margins for some operators, particularly those with higher breakeven costs. However, the maintained rig fleet indicates that the majority of active companies have likely hedged production or are operating within cash flow at these levels. The steady activity supports expectations that North Dakota's oil production will remain relatively flat in the coming quarters, absent a significant shift in commodity prices or corporate strategy.

For royalty owners and service companies, a stable rig count provides predictability for local economies across the Williston Basin. It suggests a continuation of current levels of employment, drilling, and completion activity without the volatility seen in previous boom-and-bust cycles. The focus for operators remains on maximizing efficiency and returns from core Bakken acreage.